Do you want to be a top producer in real estate, but you’re struggling to take your business to the next level? Maybe you feel stuck, frustrated or like you don’t have the time to do all the things you need to succeed? Top producers share eight habits that lead to their success. Dive into this list to discover what’s holding you back.
This includes having written goals and objectives, as well as consistent processes and systems for each aspect of their business. They have regular income and expense reports, like profit and loss. They surround themselves with the best consultants for advice, like attorneys, inspectors, and coaches. They have processes and systems to ensure their goals are clear and reviewed often to ensure their success. They live in learning mode!
A lot of top producers struggle with this, and it’s why they often hire business or life coaches to help them succeed. The clearer the top producer is with what they want to achieve, the more clarity they have on how to do it within their business. They learn to leverage themselves with team members or groups to provide consistent customer service. An example of clarity of goals would be as follows:
Goal:
i) I want to do better than last year – this is not clear enough, not measurable.
ii) I want to do a 10% increase over last year – this is better, but still not fully clear.
iii) I want to do a 10% increase over last year, which means I need to do 5 more transactions, therefore I need to go on 8 appointments, because my conversion rate is 70%. This is a clearer goal because it sets out the activities that need to happen.
They have structure to their work week/personal life. They are CONSISTENT with prospecting and building a database – not a mailing list. A database has a mountain of personal information that helps the top producer develop long-term relationships and significant referrals from their database. They have the discipline to develop and maintain a consistent marketing plan.
The National Association of Realtors says that approximately 78% of consumers say they would use the same realtor again. Yet less than 28% actually do – usually because there is no post-sale relationship or contact. Top producers have learned that each client should be worth at least 5 transactions in their lifetime by either relocating, buying investments, or providing referrals. They work hard to ensure once they have a relationship, they continue to nurture it.
You need at least 2 personal points of contact annually to maintain the relationship – not just emailing or mailing them a newsletter. Relationships are personal. Take Starbucks, for example. Starbucks only needs three things to make the customer feel as though they’ve had a Starbucks experience: a Starbucks product, in a Starbucks cup, served by someone in a green apron. This is the “Starbucks Experience”- and you can use this method to ensure that you continue to have positive interactions with your clients. Find what three things make up your unique experience.
They also know how to share their knowledge with their database. The people they interact with respect them and see them as a valuable source of information. And, let’s be clear: this knowledge is NOT strictly real estate knowledge – top producers are also a great resource for advice on renovation, financing and financial security. They are knowledgeable about market information, scripts and dialogues (i.e. they practice what to say), and they work hard on their skills, knowing their conversion rates… the list goes on. Top producers also know when to say NO.
My mother always told me that I had 2 ears and 1 mouth, and they were to be used in that ratio! In other words, top producers ask questions, listen to the answers and let the prospect or client know they made the right decision or that they were heard. So an example would be: “Why did you call me? Or how did you hear about me?” Listen to what they say, then repeat back, modifying slightly. For example, if they say, “I was referred by a friend,” I would say “Most people hire me based on personal referrals from past clients, and the success or experience I had with them. It’s a great way to make a decision. When can we start the process?” or “Do you think I am qualified to do the job for you?” Go for the close.
From marketing, to image, to branding, they are consistent in prospecting to prevent peaks and valleys in their business. They know their brand and target demographic. Too many realtors believe that everyone should be their customer, so they quickly get lost in the crowd. Those that know what types of clients they want and seek them out will get other business as well, and they will be identified as an expert in whatever specialty they choose.
They know what sets their brand apart from other realtors, and they can articulate this to prospects quickly and easily. They openly share, demonstrate integrity and nurture relationships with other realtors, team members & consumers. They build teams and help other realtors grow in their organizations. They aren’t secret agents – they are overt in letting people know what they do. They are proud of what they do and they put themselves out there (so to speak). Bottom line: they have a clear sense of purpose.
Now, I don’t get me wrong – not every top producer has all of these traits, but most of them do. Many of the people I coach who are selling 40, 50 or even 100 million are consistently working on these skills and are dedicated to developing healthy habits and successful traits. Almost every athlete has a coach or mentor. Shouldn’t you have one for your business?
Bill Renaud
REAL ESTATE BUSINESS COACH
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